Revolut Introduces Peak Savings Rates for UK Customers with Up to 5% AER Variable

Tristan Collins
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Revolut, a leading global fintech firm, has announced an increase in the interest rates for its Instant Access Savings accounts in the UK.

This move, aimed at over 10 million UK customers and 50 million users worldwide, introduces rates as high as 5% AER (variable).

With this update, Revolut’s standard free plan now offers 4% AER (variable), a jump from the previous 2.29%.

The update comes as a response to the challenges many Brits face with low interest rates on savings.

By setting new, higher rates, Revolut aims to help users achieve their financial goals for 2025 more effectively.

The interest rates, dependent on the user’s plan, range from 4% for Standard and Plus plans to 4.25% for Premium, 4.5% for Metal, and up to 5% for Ultra plan members, with interest accruing daily.

Revolut makes it easier for users to save by introducing features like Spare Change, which rounds up transactions to the nearest pound and deposits the difference into the user’s savings.

Customers can also choose to multiply these round-ups to enhance their savings potential significantly.

Albert Codorniu, Head of Savings at Revolut, emphasized that the new rates are part of Revolut’s commitment to transforming the traditional banking landscape and delivering better financial outcomes for its users.

He noted that both new and existing customers can look forward to setting ambitious savings targets with the added benefit of being able to access their funds whenever necessary.

For added security, savings up to £85,000 are protected through the Financial Services Compensation Scheme (FSCS) via ClearBank Limited.

Revolut also offers advanced security features like Wealth Protection, which uses biometric identification to safeguard users’ savings.

Customers interested in taking advantage of the new rates can easily update their savings plan through a few taps in the Revolut app.

This enhancement allows full flexibility in managing savings, providing the ability to add or withdraw funds while still accruing interest daily.

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Tristan has a strong interest in the intersection of artificial intelligence and creative expression. He has a background in computer science, and he enjoys exploring the ways in which AI can enhance and augment human creativity. In his writing, he often delves into the ways in which AI is being used to generate original works of fiction and poetry, as well as to analyze and understand patterns in existing texts.